Douglas O. Kant

Senior Vice President & 

Deputy General Counsel

FMR LLC Legal Department

82 Devonshire Street, V7A Boston, MA 02109 

Phone: 617-563-6645 Fax: 617-385-1862 

Email: doug.kant@fmr.com 

#595301 

SUBMITTED ELECTRONICALLY 

February 3, 2011 

Office of Regulations and Interpretations 

Employee Benefits Security Administration 

Room N-5655 

U.S. Department of Labor 

200 Constitution Avenue, NW 

Washington, D.C. 20210 

ATTN: Fiduciary Definition Hearing 

Re: Request to Testify at Public Hearing on Definition of Fiduciary 

Ladies and Gentlemen: 

 This letter requests the opportunity to testify at a public hearing to be held by the U.S. 

Department of Labor (the “Department”) to consider comments regarding the Department’s 

proposal to amend the regulation that defines the circumstances under which a person is 

considered a “fiduciary” by reason of giving investment advice to an employee benefit plan or to 

a plan’s participants. The Department had published the proposed changes in the Federal 

Register on October 22, 2010 (75 FR 65263, et. seq.). The notice of a hearing was published in 

the Federal Register on January 12, 2011 (76 FR 2142). 

This request is submitted on behalf of the group of financial service companies for which 

FMR LLC is the parent corporation (collectively, “Fidelity Investments”). Fidelity Investments 

companies provide investment management, recordkeeping, and directed trustee and custodial 

services to thousands of retirement plans covering millions of participants and to more than 8.5 

million individual retirement accounts. 

 The following outline describes the topics to be discussed at the hearing, as well as the 

time allocated to each topic. The testimony will be provided on behalf of Fidelity Investments 

by John Sweeney, Executive Vice President, Planning and Advisory Services. 

OUTLINE

(1) Information to help participants make choices regarding their retirement account 

(4 minutes) 

(a) The education of participants during working careers about their 

retirement needs 
Office of Regulations and Interpretations 

Employee Benefits Security Administration 

ATTN: Fiduciary Definition Hearing 

February 3, 2011 

Page 2 

#595301 

(b) Fidelity’s experience with IRA and plan investors 

(2) Investment information may be delivered in different ways (2 minutes) 

 (a) Online tools 

 (b) Phone representatives 

 (c) Representatives in the brokerage branches or plan participant locations 

(3) Discretionary investment services may be offered for IRA investors and plan 

participants who want an expert decision-maker (2 minutes) 

(4) The focus of investment support is changing (2 minutes) 

(a) As more participants reach retirement age, need to focus more clearly on 

the spend down phase of retirement 

(b) New developments efforts encouraged by the Department and U.S. 

Treasury inquiries regarding lifetime income in retirement 

* * * * * * * * * * * * * 

In conclusion, we look forward to the opportunity to testify at the public hearing. Please 

let me know if you need any additional information. 

 Respectfully, 

 Douglas O. Kant, Senior Vice President and 

 Deputy General Counsel 

DOK/jam 

cc: John Sweeney 

 Ralph Derbyshire 

 Doug Fisher 

 Jay Haines